Finance Minister Rosann Wowchuk introduced the Budget Implementation and Tax Statutes Amendment Act which would implement Budget 2011 and provide $65 million in tax cuts for families and businesses this year.
We have stayed on track with our five-year economic plan to ensure families have access to vital front-line services and also deliver significant tax savings for families. This year, tax cuts will save a family of four $212 and by 2014 that same family of four will save $374 a year.
The bill will deliver on nearly $110 million in new tax reductions once they are fully implemented and would freeze or reduce major taxes for the 12th consecutive year. Tax reductions proposed for families and property owners include:
• Increasing the basic Education Property Tax Credit by $50 to $700, which would save renters and homeowners an extra $16 million this year.
• Increasing basic personal income tax exemptions by $1,000 over four years, starting with $250 this year. By 2014, an additional 22,000 Manitobans would no long pay Manitoba income tax.
• Implementing a new Children’s Arts and Cultural Activity Tax Credit, to help parents introduce their children to activities such as art, music, drama, language instruction, environmental activities and personal tutoring.
• Increasing the maximum seniors’ Education Property Tax Credit by $150 to $950 in 2011. This credit would rise by $75 to $1,025 in 2012 and by another $75 to $1,100 in 2013.
• Increasing the Primary Caregiver Tax Credit by 25 per cent to a maximum of $1,275 to assist families caring for elderly Manitobans and other loved ones.
• Increasing the Farmland School Tax Rebate to 80 per cent from 75 per cent, which would save farmers an additional $2 million this year for a total of over $35 million annually.
This legislation would guarantee that provincial revenue sharing with municipalities will be no less than one-seventh of provincial sales tax revenue.
The minister noted the provincial small business income tax and the general corporation capital tax were completely eliminated this year. Other tax reductions for business would include:
• Increasing the Green Energy Equipment Tax Credit to 15 per cent from 10 for installations of geothermal heating systems.
• Creating a new Cultural Industries Printing Tax Credit to provide a 15 per cent refundable credit to support Manitoba-based printers.
• Providing a Capital Tax Exemption for small banks to attract and encourage the expansion of small, innovative financial institutions in Manitoba.
• Introducing a new employee share purchase plan tax credit to help business succession planning.
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